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Chart pattern- Triple bottom
FTSE100 has formed a triple bottom around 7020 and shown a minor recovery. The index was trading weak for the past one month and lost nearly 700 points on US-China trade uncertainty and global growth slowdown. Global bond yield decline and inversion of US 10 -year and 2- year yield confirms recession in US markets. The index hits low of 7027 yesterday and is currently trading around 7071.
The near term resistance is around 7129 (10- day MA) and any violation above will take the FTSE100 till 7150/7200. Any daily close above 7195 (200- day MA) confirms minor bullishness and a jump till 7305 is possible. Any major reversal only above 7305.
On the flip side, the near term major support is around 7000 and any violation below will drag the index down till 6925/6850 is possible. Any major decline only below 6600.
It is good to buy on dips around 7000-10 with SL around 6950 for the TP of 7145/7200.
